Harmony Gold and White Rivers Exploration have discovered a major gold deposit in South Africa’s Witwatersrand Basin, one of the world’s largest unmined gold resources areas.
The joint venture deposit contains 11.5 million ounces of gold at a grade of 8.9 grams per ton of gold.
It is located near Harmony Gold’s producing Target Mine, with mining to be conducted up to 2.2km underground.
The mine could produce between 250,000 and 300,000 ounces of gold per year for more than 30 years, Bloomberg reports.
The companies plan to undertake a full prefeasibility study to determine the project’s economic value.
“The [joint venture] project represents one of the world’s largest unmined high grade gold resources with huge upside potential,” Neil Warburton, White Rivers executive chairman said, according to The Australian.
It could become one of the first new gold mines to open in the area since the South Deep mine in 1990.
White Rivers aims to trade their shares in London and Johannesburg next year.